Mediterranean Resources Ltd.

On the Road To Production in the Mediterranean

www.mediterraneanresources.com

TSX: MNR FFT: MHM1 OTC: MNRUF

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Certain statements in this presentation may constitute “forward looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements in the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this presentation, such statements use such words as “may,” “will,” “expect,” “anticipate,” “project,” “believe,” “plan” and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with the securities regulatory authorities, to which viewers of this presentation are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time, and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual res, performance and achievements of the Company to be materially different from those contained in forward looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward looking statements as a prediction of actual results. There should not be an expectation that forward looking information will, in all circumstances, be updated, supplemented or revised, whether as a result of new information, changing circumstances, future events or otherwise.

Forward Looking Statements

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Introduce a strategic Turkish partner with local know-how and

connections into the shareholding structure of our Turkish subsidiaries Make the main Turkish project, Kizildağ, self-financing via a listing of Akdeniz Resources Madencilik on the Istanbul Stock Exchange

Move the Kizildağ pits towards development though ISE financing, trading house off-takes and a debt tranche.

Continue exploration of Çeltik in a separate JV with Turkish partners

Adding other developmental projects to the pipeline in other parts of Turkey and Mediterranean Basin Diversifying metals exposure – seeking base metals and specialty metals deposits (e.g. Chromite, Antimony)

Strategy

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TURKEY: One of the Least Explored Gold Regions

Pro-Investment Government & Policies

Gold Production Exempt from VAT

Refund of VAT on Exploration Expenditures

Modern Mining Code

Excellent Infrastructure

Extensive Roads & Power Lines

Strong Industrial & Manufacturing Base

Location, Access and Infrastructure

Located in north eastern Turkey

120 kilometers north of Erzurum, regular scheduled airline service, population 360,000

100 kilometers south of Hopa, a deep water port with bulk handling capability on the Black Sea

Samsun Smelter nearby on the Black Sea

12 kilometers west of Yusufeli, population 6,400

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Two projects:

Red Mountain/Kızıldağ: consisting of the Taç (gold/copper) deposit, Çorak (gold/lead/zinc) deposit and Çevreli (the exploration area between the two). Çeltik: consisting of a gold exploration project

Kızıldağ

Property

Turkey –Property Locations

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TSX Symbol: MNR Frankfurt Symbol: MHM1 OTC Symbol: MNRUF Current Share Price: $0.02 Share Price : $0.01 - $0.125 (52-Week Range) Issued & Outstanding: 142.1 Million Fully Diluted: 164.7 Million Market Capitalization: $2.8 Million

Leading Shareholders

Investec WIM’s clients

Teck Corporation (3%)

National Bank of Canada

CFO: Anthony Jackson Corporate Sec: Cheryl Harpestad Investor Relations: Sean Davis Country Manager: Nursel Atar (Turkey) Country Manager: Behar Boshkaj (Albania)

Corporate Structure

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Dr. John A. Clarke: Chairman and Director. He brings considerable experience in mineral exploration, corporate acquisition and development in the gold mining sector. He has held roles as Vice Chairman and CEO of Nevsun Resources and Executive Director of Ashanti Goldfields Company Ltd of Ghana. Dr. Clarke is currently a Director of Banro Corporation, Great Quest Metals, Ltd. and PMI Gold Corporation. He holds B.Sc. in metallurgy from University College Cardiff, a Ph.D. in metallurgy from Cambridge University and MBA from Middlesex Polytechnic.

Christopher Ecclestone: CEO and Director. He is a Principal at the boutique New York investment bank, Hallgarten & Company, which specializes in mining-related concerns. Prior to that he was a prominent analyst of the Argentine equity market during the 1990s. In the late 1980s, he worked in London as a corporate finance and equities analyst and as a freelance consultant on the restructuring of the securities industry. He has also worked for the Federal and State governments in Australia. He is a native of Melbourne, Australia and graduated in 1981 from the Royal Melbourne Institute of Technology.

John Shanahan: Director. He has been the President and CEO of Revett Minerals (TSX:RVM) since October 2008. Prior to becoming CEO, he was the Chairman of Revett from 2005 until April 2009. His background is in commodity price risk management and he has held senior management positions with Barclays Capital, Rothschild Inc., Pasminco Ltd, and Australian Mining and Smelting. He holds a B. Comm. degree from the University of Melbourne, a graduate diploma in Systems Analysis and Design from the Royal Melbourne Institute of Technology, and an MBA degree from the Columbia School of Business.

Alex Gostevskikh: Director. He holds a MSc and MBA and is a geologist with over 20 years of experience in mining and exploration for gold, silver, and non-ferrous and base metals. He is currently the Managing Director of Uranium Resources PLC (which is listed on the AIM in London), the company is an explorer in Tanzania. He was a Regional Exploration Manager for Centerra Gold Inc (TSX listed), the largest Western gold producer in Central Asia and has held other positions including Exploration Manager for Gulf International Minerals, Senior Geologist for Kinross Gold/Amax Gold, as well as consulting engagements with a number of major and junior mineral exploration companies.

Dr. Michael Hirschberger, Director. He is Principal and CEO of Strategic Min-Metals, AG, Vienna, a niche company focused on the exploitation of Chromite in selected countries. He previously organized and operated Global Min-Metal Holdings, SA, an exploration company, developing manganese ore principally in Panama. He successfully recruited a broad range of professionals with extensive international experience in geology, mining, and large scale production of manganese. His early career was spent in Research & Development, Regulatory Affairs, Business Development and Product Management with Roche, Merck, and Wyeth. Following this he held various positions with the Wall Street firms of White, Weld & Company, Northern Trust, Societe Générale S.A. in New York and his own firm, Healthcare Capital Group.

Directors & Management

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Red Mountain – Kızıldağ Property

TAC and CORAK

Mediterranean acquires properties from Teck Resources in 2006 Excellent cost of discovery - less than $7.00 per oz Metallurgical recoveries at Tac up to 90% for gold and 70% copper using conventional flotation Metallurgical recoveries at Corak up to 85% for gold, 58% silver, 85% lead and 73% zinc Opportunity to increase grade and tonnage P.A. ( Preliminary Assessment) by SRK released in August 2011 E.I.A. (Environmental Impact Assessment) baseline studies continue by Golder & Associates

NI 43-101 Advanced Gold Deposits

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In September 2011, the PEA prepared by SRK was published Two stage mining with Çorak pit being exploited first followed by the Taç

deposit Daily mill throughput of the mill of 5,500 tpd (approximately two million

tonnes per annum Production of a Lead/Zinc concentrate with first pit (for 3 ½ years), and a

Copper concontrate with the Taç pit (for the following 4 years) Initial Capital Expenditure of $125 M (including a 25% contingency) Projected mine life of 7.2 years and average annual production over mine life

of 94,500 oz Au. Cash costs of US$538 per Gold equivalent ounce

In-pit, contained resources of 14.4 Mt, 905,000 oz gold, 104 Mlb of zinc, and 32 Mlb of copper and 40 Mlb of lead

Metal prices for the base case optimisation were US$1,000/oz gold, US$2.75/lb copper, US$16/oz Silver, US$0.85/lb lead and $0.90/lb zinc

Red Mountain/Kızıldağ Production Plan

Parameter Unit Case A

Base Case

Case B 3-year Ave Metal

Prices*

Case C 2-year Ave Metal

Prices*

Case D 1-year Ave Metal

Prices*

Gold Price US$/oz 1,000 1,094 1,207 1,346

Silver Price US$/oz 16.00 19.00 21.96 27.36

Copper Price US$/lb 2.75 3.06 3.41 3.84

Zinc Price US$/lb 0.90 0.86 0.97 1.00

Lead Price US$/lb 0.85 0.89 1.00 1.06

Net Cash Flow - undiscounted and before tax and interest

US$M 87 157 256 366

Net Present Value - before tax and interest (5% Discount rate)

US$M 51 105 184 270

Internal Rate of Return - before tax and interest

% 16 25 37 48

Pre-production Capital Payback Period

Production Years

3 2.5 1 < 1

Payable Gold oz 680,000

Payable Silver oz 115,000

Payable Copper Mlb 29

Payable Zinc Mlb 88

Payable Lead Mlb 33

*As at May 31, 2011 calculated from LME monthly averages

Preliminary Assessment (PEA) Potential Cash Flow Model Outputs

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Initiate an Environmental Impact Application Prepare an Engineering study with real Turkish costs

for Capex and Opex

Identify off-takers for base metal output

Identification of drill targets at new copper zones Work towards a resource at Çeltik

Red Mountain/Kızıldağ Development Plans

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Approach listing as an “emerging market” story rather than a mining listing

Scarcity value : only other listed miner is the phenomenally successful Koza listing

Place 15% of Akdeniz Resources with Turkish domestic and international investors

Strategic Turkish Partner with 25% stake will be a household name for Turkish investors and provide assurance of company’s good connections

Appoint well-positioned Turkish investment bank to manage process

Listing of Akdeniz on the ISE

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Taç Deposit – NI 43-101 1.1 Million oz Gold + Copper

86% Indicated - Open East & West

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Taç - Work to Date

Central Deposit Zone: Major Component of the Taç Resource

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Çorak Deposit - NI 43-101 760,000 oz Gold Plus Lead-Zinc-Silver

83% Indicated - Open at Depth

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Çorak Work to Date

Village & South Areas Contain Çorak High Grade Zones

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Çorak Deposit – Solid Model - Looking North

High Grade Zones Indicate Viable Starter Pit with Relatively Swift Pay-Back

High Grade Domains in Red – Lower Grades in Yellow

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Developing Gold Resources at Çeltik

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Located 2 kilometres North-East of the Taç deposit To be Joint Ventured with a Turkish Strategic Partner Large target approximately 400 metres x 700 metres surface expression

Extensive geophysical IP conducted -12.9 line kilometres

Initial nine hole 1,900 metre drill program initiated in 2008, further five holes in 2009

Best intercepts include: HD-04 18.4 metres of 6.51 g/t Au, 16.85 g/t Ag, 0.9% Cu from 166.2 m to 184.6 m

HD-02 20.6 metres of 1.62 g/t Au, 16.79 g/t Ag from 0 to 20.6 m 40.5 metres of 0.61 g/t Au, 7.60 g/t Ag from 243.4 m to 283.9 m HD-01 13.3 metres of 0.67 g/t Au, 1.66 g/t Ag from 165.9 m to 179.2 m

Potential for a relatively quick move to open-pit mining

Developing Gold Resources at Çeltik

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Spain – Past Producing Antimony Mines

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Mediterranean Resources has registered the concessions of two past-producing Antimony deposits in the Spanish province of Extremadura, located to the west of Madrid, bordering Portugal. This is part of a planned aggregation of producing and past-producing Antimony assets around the Mediterranean Basin. Extremadura has the most extensive history of Antimony mining of any part of Spain and hosted, until 1984, the largest producing Antimony mine in Europe.

The two areas acquired consist of the past-producing Mina Pilar at Herrera Del Duque and the Mina Susana at Pueblo de Alcocer, both in the South-east of the province of Extremadura. The Pilar Mine is located about 4 miles east of Herrera del Duque (Badajoz), on the western slope of the Sierra de la Dehesa, in the vicinity of Arroyo de Cañada Mojada. Access to the workings is by a road that originates in the town of Herrera del Duque. The past mining operation was carried out using open-pit techniques. The mine is currently inactive and in its last operating period (1970-1977) stibnite was mined by hand. There is a principal pit, west of the stream, the dimensions of which are 80 m long, 20m wide and depths from 5m to 28 m. There are other minor pits east of the creek. The mining operation was performed by benching operating on the main face. The site is reef-type deposit with slightly sloping reefs. The reefs filled sub-horizontal fractures and which cut cleanly the schists. They have a lenticular morphology, with widening where mineralization is concentrated in pods.

The Mina Susana is a small showing located in the wayside called Costera, in the municipality of Puebla de Alcocer. It has been exploited in the past by underground mining. The exact dates of this past production are unknown. Access to the workings is done by going from Cabeza Del Buey to Puebla de Alcocer. It takes a route heading east and some 3.5km ahead is the showing.

Spain - Mina Pilar & Mina Susana

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Entrance to Mina Susana Mina Pilar

Mina Pilar Mina Susana

• The abundance of antimony in the Earth's crust is estimated at 0.2 to 0.5 parts per million • Antimony is sometimes found natively, but more frequently it is found in the sulfide stibnite (Sb2S3)

which is the predominant ore mineral. • The main traditional application for metallic antimony was as an alloying material for lead and tin and

for lead antimony plates in lead-acid batteries. • Alloying lead and tin with antimony improves the properties of the alloys which are used in solders,

bullets and plain bearings. • emerging growth of Sb has been for applications in microelectronics and as fire retardants (antimony

trioxide-ATO). The later represents 72% of its primary antimony consumption in Europe; for China 50%; and, the US about 60%.

• Antimony trioxide acts as a synergist to improve the performance of other flame retardants such as aluminum hydroxide, magnesium hydroxide and halogenated compounds.

• Antimony trioxide is used in this way in many products including plastics, textiles, rubber, adhesives and plastic covers for aircrafts and automobiles.

• The Chinese have dominated global Antimony production since the mid-1800s • specialty metals consultants, Roskill, have estimated that in primary production, in 2010, China held a

76.75% share of world's supply with 120,462 tonnes • Reported production of Antimony in China fell in 2010 and is unlikely to increase in the coming years • The fall in production produced a surge in prices of Sb to over $17,000 per ton in 2010. The price then

dropped back to $12,000 per tonne in 2011 before rebounding to around $14,000 per tonne and then easing back to around $10,000 per tonne currently. Roskill estimate in their 2012 survey of the metals that prices should range between US11-14,000 per tonne over coming years.

Antimony Dynamics

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The company’s current strategy regards the whole Mediterranean Basin and the countries that border it as potential for future exploration and mining

An initial foray into Albania has convinced MNR that the Balkan region is a highly prospective location for future work, particularly picking up mining licenses with pre-identified resources

A representative office has been opened and a country manager appointed

Action awaits better financing conditions

The Iberian peninsula also represents a target area

Further Afield

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Mediterranean Resources is an advanced gold development company

The company has successfully advanced two at-surface gold deposits Tac and Çorak to the point at which an EIA shall be sought and construction financing begins

NI 43-101 compliant resource of 1.87 Million ounces of gold indicated and inferred and 2.5 Million ounces of gold equivalent indicated and inferred Less than 20% of the 100 square kilometre licensed area has been explored

Favourable mining jurisdiction

Highly targeted exploration program to discover new resource zones

Strong management team and board of directors

Summary

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Mediterranean Resources Ltd.

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